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Thursday, September 18, 2014
RWE Dea has been awarded two new concession in Egypt as part of EGPC’s 2013 licensing round. The two concession are located in the Gulf of Suez. RWE Dea will become operator and hold a share of 100% of the East Ras Fanar Offshore and 50% of the Northwest El Amal concession, partnered with Edison International SpA.
The upcoming work program for the concessions will include seismic reprocessing and two exploration wells at East Ras Fanar Offshore and one well at Northwest El Amal.
The new concessions will increase the company’s number of operated licenses in Egypt from six to eight. The East Ras Fanar Offshore Block covers an area of approximately 187 sq km, while the Northwest El Amal Block covers approximately 365 sq km.
The license award is subject to approval from the Egyptian president.
“We are very pleased with the result of the latest Bid Round, as both new concessions provide a valuable addition to our balanced oil and gas license portfolio in Egypt,” says Maximilian Fellner, General Manager RWE Dea Egypt.
The East Ras Fanar Offshore Block is located offshore in shallow water depth in the central Gulf of Suez close to Dea’s Ras Fanar oil field. The Northwest El Amal Block lies offshore in the southern Gulf of Suez between the July and Amal oil fields, in the vicinity of the giant Morgan oil field and the latest significant oil find in the Gulf of Suez – the Saqqara field.
“Both blocks provide promising opportunities in an area, where we know the geological conditions very well,” Fellner explains. This year, Dea is celebrating 30 years of successful oil production in the Gulf of Suez. “The investments in the Gulf of Suez and further projects in Egypt emphasize the long-term commitment of Dea to the country,” Fellner added.
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